Morning Commentary
It was an equal opportunity drubbing on Friday as the only thing higher was the ‘fear index.’
Delicious Irony
The fact that Apple (AAPL) was higher was a delicious (pun intended) irony, considering the mavens all agree the stock won’t shine as it did in the past. Buying insurance names makes sense, considering the industry’s recent pricing power.
There was some buying into the closing bell… let's call it nibbling.
Breadth & Bounce Back
Market breadth was a disaster, especially for the New York Stock Exchange (NYSE), which endured 2,388 decliners against only 449 advancers. But the volume tells the story: 292 million up volume offset by 3.65 billion down volume.
Market Breadth |
NYSE |
NASDAQ |
Advancers |
449 |
1,019 |
Decliners |
2,388 |
3,235 |
New Highs |
63 |
49 |
New Lows |
60 |
209 |
Up Volume |
292.61 million |
1.08 billion |
Down Volume |
3.65 billion |
3.45 billion |
Great work from Hi Mount Research, underscoring that the NYSE daily volume ratio hasn’t bounced back as usual. Are the bulls losing their nerve?
Last week, the market was hit with many earnings stumbles, higher inflation, and perhaps some selling to pay taxes. Add geopolitical tensions, and maybe, things could have been worse.
Today’s Session
Retail sales came in better than expected and February was revised higher.
Interestingly, there were declines in motor vehicles, furniture, electronics, clothing, and sporting goods. Gasoline stations surged 2.1% and grocery stores +0.5%, which might have more to do with inflated prices than an uptick in demand.
On the earnings front, Goldman Sachs (GS) blew away Wall Street consensus. The stock opened at $407.
Bond yields are higher and that is not good news.
Tweet |
5/2/2024 9:41 AM | COOL HAND POWELL |
5/1/2024 1:22 PM | Which Powell? |
5/1/2024 9:40 AM | MAY DAY, MAY DAY, MAY DAY |
4/30/2024 1:02 PM | Complete Flop |
4/30/2024 9:48 AM | CHIPS TAKE THE LEAD |
4/29/2024 1:39 PM | Musk Rides Back to the Mag Seven |
4/29/2024 9:50 AM | DIE BY THE SWORD, PROSPER BY THE SWORD |
4/26/2024 1:46 PM | Full Steam |
4/26/2024 9:39 AM | BIG TECH STEPS UP |
4/25/2024 1:16 PM | Don't' Bury me, Yet! |
4/25/2024 9:27 AM | THERE CAN ONLY BE ONE |
4/24/2024 1:30 PM | Earnings Flood In |
4/24/2024 9:26 AM | BUYING THE DIP |
4/23/2024 1:25 PM | Bloom Off Rose |
4/23/2024 9:32 AM | WHAT HAPPENED TO THE BRAVADO? |
4/22/2024 1:22 PM | Pins and Needles |
4/22/2024 9:30 AM | LIVE BY THE SWORD … |
4/19/2024 1:20 PM | Fair Chunk of Rotation |
4/19/2024 9:35 AM | DON’T OVERREACT |
4/18/2024 1:37 PM | Didn’t Break Down |
4/18/2024 9:40 AM | MARKET OFF SCRIPT |
4/17/2024 1:59 PM | Facing Pressure |
4/17/2024 9:37 AM | POWELL STILL WANTS TO HELP |
4/16/2024 1:35 PM | Muted |
4/16/2024 9:42 AM | FEAR ARRIVES |
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